Bitfinex has a new affiliate marketing program. In this this post I review the main features of the Bitfinex affiliate marketing program. If you’re a bitcoin crypto trader, click on this link to singup for Bitfinex.
To start using the Bitfinex affiliate program, signup for Bitfinex, and then once logged in, click on the “affiliate” link in the top main menu. The first time I did this I see a pop-up showing me Bitfinex’s suggested first three steps (which don’t offer much benefit) and then after clicking the proceed button, I landed on the affiliate dashboard page. The Bitfinex affiliate dashboard shows a snapshot of my revenue, signups, top members, and a graph of my affiliate earnings over time. The left side menu allows me to toggle between different dashboard views.
Bitfinex Affiliate Commission Structure
Oddly, Bitfinex affiliates earn commissions on three layers of signups according to the following schedule:
- 1st degree (direct) Member connections: 18%
- 2nd degree Member connections: 6%
- 3rd degree Member connections: 2%
Then, affiliates receive commission multipliers based on certain things their users will do. If a user account is KYC verified, the affiliate gets a 1.2x multiplier. If one of your members, over the past 30 days, had an average holding of UNUS SED LEO tokens greater than 500 USDt LEO equivalent, the Bitfinex affiliate will be eligible for an additional multiplier on his activities as follows:
- 500+ USDt LEO equivalent – a 1.1x multiplier
- 5,000+ USDt LEO equivalent – a 1.2x multiplier
- 50,000+ USDt LEO equivalent – a 1.5x multiplier
The percentage of the fees Bitfinex affiliates receive for each 1st degree member start at 18% and are fall in a straight-line fashion so that at the end of each thirty days, it is reduced by 0.5%. This means your Bitfinex affiliate commissions are decrease per user by 6% each year. This leads me to believe Bitfinex affiliate commissions will go to zero after 3 years? I’d like to hear more about this from Bitfinex.
Bitfinex affiliate commissions pay in the same digital tokens that Bitfinex collected them as fees. But there are three exceptions:
- UNUS SED LEO tokens
- Any Digital Tokens that Bitfinex determines should be converted – if you do not have a verified account or are not eligible to receive so
- Fees from fiat currencies, UNUS SED LEO, or restricted tokens, are exchanged to Bitcoin (BTC) or Tether (USDt)
Bitfinex affiliates get to offer their networks an incentive to signup. New users receive a rebate of 6% which is reduced by 0.5% per month in the same fashion as the commission structure. At the end of each thirty days, it is reduced by 0.5%.
You can create custom codes & URLs as a Bitfinex affiliate. This feature is very helpful to affiliates with multiple platforms. Its pretty easy, just hit the bright green “generate new code button” in the top right corner of the Bitfinex affiliate dashboard.
The dashboard used to track affiliate revenue actually seems a bit helpful. If affiliate create multiple codes for different platforms, they can see clicks and signups separated by different codes.
Is the Bitfinex Affiliate Program Good?
For me, the best features of the new Bitfinex affiliate program seem to be the custom code generation and some of the reporting features. I also like how affiliates get paid a percentage of the revenue generated from signups, as compared to a signup bonus. This way, incentives are aligned since affiliate commissions are paid from user revenue.
I don’t like the sliding scale of commissions. I understand why Bitfinex has chosen this commission structure, since it encourages affiliates to continue feeding new signups, or else their commission will dry up. But I would rather have a lower commission level that lasts for a longer time as I believe it would offer a smoother payout frequency.
I’d love to hear your thoughts on Bitfinex in general. Do you think its a ponzi? Do you think their association with US dollar tether is dangerous? Please leave your comments to this post and I’ll address them.